Palmer products has outstanding bonds with an annual 8% coupon. The bonds have a par value of $1,000 and a price of 87.81. The bonds will mature in 20 years. What is the yield to maturity on the bonds?

Palmer products has outstanding bonds with an annual 8% coupon. The bonds have a par value of $1,000 and a price of 87.81. The bonds will mature in 20 years. What is the yield to maturity on the bonds?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter4: Bond Valuation

Section: Chapter Questions

Problem 1P

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